Wilton, CT – Burton Real Estate (BRE) announces the $13 million financing of a three-property industrial portfolio totaling 176,472 square feet in core industrial markets located along the New Jersey Turnpike corridor and Northern Virginia.
Burton Real Estate worked with Holliday Fenoglio Fowler, L.P. (HFF), to secure a 10 year, fixed-rate loan with CUNA Mutual Group. Each of the assets were acquired within the last three years and each of the properties were purchased with short term leases in place. Since BRE’s acquisition of each property, they have been able to engage their tenants and extend the respective lease terms allowing BRE to secure 10 year financing and free-up additional liquidity for similar transactions.
“This is the blueprint for growth in our industrial portfolio. We target the acquisition of properties nearing lease expiration in strong industrial real estate markets. Once identified we close quickly utilizing our line of credit and immediately start working with our tenants to garner incremental lease term. After we have secured incremental term, we obtain long-term debt and start working on our next deal.” said BRE President Joe Burton. “We are lucky to have partners like HFF and CUNA. CUNA was an eager and accommodating partner and was able to provide a very attractive rate and flexibility to add additional properties to the portfolio in the future.”
About Burton Real Estate
Burton Real Estate is a privately held real estate investment firm specializing in the acquisition, management, and potential redevelopment of both performing and underperforming properties in the United States.